Eximbank expects pre-tax profit in 2024 to be 90.5% higher than the same period last year

Vietnam Export Import Commercial Joint Stock Bank (Eximbank - HoSE: EIB) has just issued a document announcing that the Board of Directors has issued a Resolution on the expected business plan for 2023 to submit to the General Meeting of Shareholders for approval.

At the same time, the bank also informed the main indicators of business results in 2023. Accordingly, at the end of the year, 2023, Eximbank's pre-tax profit reached VND 2,720 billion, down 26.7% compared to 2022. In 2023, this bank set a profit target of VND 5,000 billion. Thus, at the end of the year, Eximbank only achieved 54.4% of the set plan.

In the third quarter of 2023, Eximbank reported pre-tax profit of VND307 billion, down 76% year-on-year. In the first 9 months, the bank's pre-tax profit decreased by 46% year-on-year to VND1,712 billion.

Thus, it is estimated that in the fourth quarter of 2023, the bank will earn a pre-tax profit of more than VND 1,000 billion. At the end of 2023, Eximbank's total assets were recorded at VND 201,399 billion, an increase of 8.8% compared to the end of 2022.

However, in 2023, the plan approved by the 2023 General Meeting of Shareholders is 210,000 billion VND, so the bank has not yet achieved the set target.

Similarly, by the end of 2023, the bank's capital mobilization level was VND 158,329 billion, although it increased by 6.5% compared to the previous year, it still did not complete the set plan of VND 165,000 billion.

Outstanding credit balance is at VND140,524 billion, up 7.6% compared to 2022 and has not yet reached the annual plan of VND146,600 billion. Meanwhile, the bank recorded a bad debt/credit balance ratio increasing to 2.7%, while last year, this ratio was only 1.8%.

Although the business results in 2023 were not very favorable, in 2024, Eximbank continued to set ambitious goals with a pre-tax profit target 90.5% higher than this year at VND 5,180 billion.

The bank plans to increase total assets by 11% to VND223,500 billion, and capital mobilization by 10.5% to VND175,000 billion. The bank targets credit balance to increase by 14.6% to VND161,000 billion, while the bad debt ratio is reduced to the same level as in 2022 at 1.8% .

Source: https://www.nguoiduatin.vn/eximbank-ky-vong-lai-truoc-thue-2024-cao-hon-90-5-nam-2023-a646935.html